Canada Life UK has achieved record sales of £4.9bn for 2024, a 15% increase compared to the previous year.
The firm attributes this growth to long-term investment in its annuities and wealth businesses.
Insurance and annuities sales reached £2.3bn, with bulk purchase annuities more than doubling from £600m in 2023 to £1.3bn.
International wealth sales also saw a significant rise, reaching a record £2bn, a 33% increase year-on-year.
The group protection business paid out £524m in claims in 2024.
Assets under management stood at over £38bn as of (31st December 2024).
Lindsey Rix-Broom, CEO of Canada Life UK, said: “We made strong progress in 2024 in our drive to grow a business that helps its customers and people make more of life.
“Our record sales reflect the focus we have on investment that delivers growth and sustains momentum towards achieving our strategic goals.
“Our well-established bulk annuity business continues to go from strength to strength, underpinned by continued investment in our core capabilities and offering to employers, trustees, and scheme members.”
Rix-Broom added: “Record sales within our international wealth business reflects our enduring strength in the market, as well as increased demand for international bonds.
“And while demand for individual annuities stabilised in 2024 following a record year in 2023, we expect the appetite for annuities to remain strong as customers seek to maximise their retirement incomes in the current high-rate environment.
“Looking ahead, 2025 will see us enhance our use of digital, data and artificial intelligence to transform the way we do business and meet the evolving needs of our customers and adviser partners.”
She said: “I’m immensely proud of the drive, passion and expertise that my Canada Life colleagues bring to this business every day, and the strong relationships we have built with advisers and employers in the market.
“Our people and our partnerships are critical in Canada Life’s enduring success, and our ongoing efforts to evolve our firm’s foundations for the future.”
